Unsecured Loans From Family

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MADHU GSTP

40 Points Joined June 2022

dear sir

I have taken Unsecured Loans From my Family members since Last 10years now it's more then my capital .my Doubt is can take all Unsecured lone as gift in next IT

Please suggest me

thanks in Advance

Replies (1)

Manoj BG

Tax Professional and in Service

1795 Points Joined June 2009

Assuming that outstanding amount of said unsecured loan is more Rs. 20,000/-, this would contravene section 269T of Income tax act and you are liable for penalty equivalent to 100% of said loan amount that you would adjust as gift. Consult your CA and route this properly in compliance with income tax act to avoid penalty.

Regards,

Manoj